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Commonwealth Secretariat press release

Secretary-General urges Commonwealth finance ministers to ‘deliver Monterrey’

24 September 2002

Commonwealth Secretary-General Don McKinnon today urged Commonwealth finance ministers to take robust action to help implement the agreements reached at the UN Summit on Financing for Development in Monterrey last March.

Speaking in London at the opening session of the Commonwealth Finance Ministers Meeting, Mr McKinnon told ministers: "I am delighted that you will be discussing a Commonwealth Action Plan to 'Deliver Monterrey'. Now is the time for action."

The Secretary-General outlined four central objectives that would need to be at the heart of a successful Action Plan:

· Increasing aid and making it more effective: "This year has seen several encouraging announcements of increases in aid volumes, but more needs to be done. We also need to make aid more effective. Untying aid, for example, would have a considerable impact on recipient countries - an impact equivalent to a US$10 billion a year aid increase."

· Renewed commitment by developed countries to reduce trade barriers on competitive products from the developing world: "Aid alone will not lift developing countries out of poverty. Providing aid without the freedom to trade is like giving someone a car, but no licence to drive it. The message to advanced nations is simple: if you really want to help developing countries, give them access to your markets."
· Innovations to broaden country coverage of private flows to emerging markets: "For countries with endowed handicaps that find it difficult to attract investment, our 'Lowering the Threshold' report advocates an innovative way of using official funds to pave the way for increased private flows."
· A stronger voice for developing countries and small states in global financial institutions
Mr McKinnon also noted that Commonwealth finance ministers had provided the impetus for reducing the debt burden of Highly Indebted Poor Countries (HIPCs) in the 1980s. He emphasised that these countries need further action to ensure they end up with a sustainable level of debt.
"I hope Commonwealth ministers can agree to work with international financial institutions to make progress on all these issues," the Secretary-General concluded.

Note for Editors
The full text of the Secretary-General's speech today to finance ministers is available at the Commonwealth Secretariat Website.

The Commonwealth Finance Ministers Meeting (FMM) is held just before the annual meetings of the International Monetary Fund and the World Bank. Hosted this year with the UK Treasury, the venue is the Commonwealth Institute, Kensington High Street, London, W8 6NQ, United Kingdom.

A press conference will be held at the conclusion of the meeting, at 12 noon on Thursday 26 September. For further inquiries contact Minelle Fernandez, Communications and Public Affairs Division, on +44 (0)20 7747 6383/ 6385.

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ISSUED BY THE COMMUNICATIONS AND PUBLIC AFFAIRS DIVISION
Commonwealth Secretariat Marlborough House Pall Mall London SW1Y 5HX United Kingdom
Tel: +44 (0)20 7747 6385/6 Fax: +44 (0)20 7839 9081
Email: info@commonwealth.int